SOLID START TO THE YEAR
Despite the challenging economic framework conditions, the Hamburg office market has held up very well, closing the first quarter with a take-up of 102,000 m². This is around 11% below the previous year's figure as well as 11% below the ten-year average. The other major office locations mostly suffered higher take-up losses, but the Hanseatic city nevertheless ranks third behind Berlin (144,000 m²) and Munich (120,000 m²). Market activity in Hamburg is comparable to previous years level, which is underlined by the average number of contracts concluded over the past five years. While in the space segment from 2,000 to 10,000 m² a considerably higher take-up was achieved than on average (+27%), no contract beyond 10,000 m² has been recorded yet. The largest lettings are accounted for by IU International University with 6,800 m² in Eppendorf and Telefónica Germany with 6,700 m² in the City.